GF CONSTRUCT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GF CONSTRUCT
Largest movements
- Tangible fixed assets +€17,549
up €17,549 (+1167.5%), from €1,503 to €19,052
of which Plant, machinery and equipment: +€12,454
- Receivables within one year +€6,761
up €6,761 (+137.1%), from €4,931 to €11,693
of which Trade receivables: +€4,684
- Cash -€2,448
down €2,448 (-15.6%), from €15,722 to €13,274
mainly Investment in fixed assets (net) (-€19,928) and Receivables within one year (-€6,761)
- Stocks and contracts -€1,360
down €1,360 (-66.7%), from €2,041 to €680
- Debts after one year +€14,087
new in 2025: €14,087
- Current portion of long-term debt +€4,844
up €4,844 (+378.8%), from €1,279 to €6,123
- Trade debts +€1,166
up €1,166 (+23.0%), from €5,068 to €6,233
- Profit (loss) carried forward +€596
up €596 (+8.3%), from -€7,205 to -€6,608
- Gross operating margin -€13,403
down €13,403 (-72.0%), from €18,602 to €5,200
- Depreciation +€2,003
up €2,003 (+332.6%), from €602 to €2,605
- Other operating charges -€1,284
down €1,284 (-45.1%), from €2,844 to €1,560
- Financial income +€412
up €412 (+89465.2%), from €0 to €412
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,841 | €47,075 | +€20,234 | +75.4% |
| Fixed assets | 21/28 | €1,729 | €19,052 | +€17,323 | +1002.2% |
| Tangible fixed assets | 22/27 | €1,503 | €19,052 | +€17,549 | +1167.5% |
| Plant, machinery and equipment | 23 | €1,503 | €13,957 | +€12,454 | +828.6% |
| Furniture and vehicles | 24 | - | €5,094 | +€5,094 | |
| Financial fixed assets | 28 | €225 | - | -€225 | |
| Current assets | 29/58 | €25,113 | €28,023 | +€2,911 | +11.6% |
| Stocks and contracts in progress | 3 | €2,041 | €680 | -€1,360 | -66.7% |
| Stocks | 30/36 | €2,041 | €680 | -€1,360 | -66.7% |
| Amounts receivable within one year | 40/41 | €4,931 | €11,693 | +€6,761 | +137.1% |
| Trade receivables | 40 | €2,816 | €7,500 | +€4,684 | +166.3% |
| Other amounts receivable | 41 | €2,115 | €4,193 | +€2,078 | +98.2% |
| Cash at bank and in hand | 54/58 | €15,722 | €13,274 | -€2,448 | -15.6% |
| Deferred charges and accrued income | 490/1 | €2,419 | €2,377 | -€42 | -1.7% |
| Total equity and liabilities | 10/49 | €26,841 | €47,075 | +€20,234 | +75.4% |
| Equity | 10/15 | €16,276 | €16,872 | +€596 | +3.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €18,480 | €18,480 | = | 0.0% |
| Distributable reserves | 133 | €18,480 | €18,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,205 | -€6,608 | +€596 | +8.3% |
| Amounts payable | 17/49 | €10,566 | €30,203 | +€19,637 | +185.9% |
| Amounts payable after more than one year | 17 | - | €14,087 | +€14,087 | |
| Financial debts | 170/4 | - | €14,087 | +€14,087 | |
| Amounts payable within one year | 42/48 | €10,566 | €16,116 | +€5,550 | +52.5% |
| Current portion of amounts payable after more than one year | 42 | €1,279 | €6,123 | +€4,844 | +378.8% |
| Trade debts | 44 | €5,068 | €6,233 | +€1,166 | +23.0% |
| Suppliers | 440/4 | €5,068 | €6,233 | +€1,166 | +23.0% |
| Taxes, remuneration and social security | 45 | €3,656 | €3,428 | -€228 | -6.2% |
| Taxes | 450/3 | €3,244 | €3,428 | +€184 | +5.7% |
| Remuneration and social security | 454/9 | €412 | - | -€412 | |
| Other amounts payable | 47/48 | €563 | €332 | -€232 | -41.1% |
| Non-recurring operating income | 76A | €13,945 | - | -€13,945 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €602 | €2,605 | +€2,003 | +332.6% |
| Other operating charges | 640/8 | €2,844 | €1,560 | -€1,284 | -45.1% |
| Gross operating margin | 9900 | €18,602 | €5,200 | -€13,403 | -72.0% |
| Operating profit (loss) | 9901 | €15,156 | €1,035 | -€14,121 | -93.2% |
| Financial income | 75/76B | €0 | €412 | +€412 | +89465.2% |
| Recurring financial income | 75 | €0 | €412 | +€412 | +89465.2% |
| Financial charges | 65/66B | €538 | €667 | +€129 | +23.9% |
| Recurring financial charges | 65 | €538 | €667 | +€129 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €14,619 | €780 | -€13,838 | -94.7% |
| Income taxes | 67/77 | €244 | €184 | -€60 | -24.7% |
| Profit (loss) for the period | 9904 | €14,374 | €596 | -€13,778 | -95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,374 | €596 | -€13,778 | -95.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.